Car collateral loans
We need a car.I am wondering if, instead of paying cash for a used car, I should take a loan out for the car and only put a small down payment.
My idea is to then buy a CD or something with about 10000 of the money.
Will the CD pay more interest then I pay on the loan?
Can someone explain how this all works, and if I would be better off in the long run?
Answer:
A CD will tie up your money and pays about the same as a money market account. You can also find on-line savings for about the same (currently around 5% or less). Staying away from the CD will keep you liquid should you have a financial emergency…loss of job, medical emergency, etc. My guess is you will pay more than that for an auto loan.
What kind of topic do you looking for?
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